Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Kroll's "NOT Fair BUT Reasonable" conclusion was subject to scrutiny from the onset given the lower level of its fair value range was just 6% above IFM's top-end Offer price. </li>
<li>After media flagged an expected rebuttal, IFM's supplementary bidder's statement, not surprisingly, flags a "numbers of omissions and unreasonable assumptions" with the Target Statement. </li>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> has now issued a supplementary Target Statement, which appears rushed, and adds little to valuation discussions. </li>
</ul>


Kroll's "NOT Fair BUT Reasonable" conclusion was subject to scrutiny from the onset given the lower level of its fair value range was just 6% above IFM's top-end Offer price. 
After media flagged an expected rebuttal, IFM's supplementary bidder's statement, not surprisingly, flags a "numbers of omissions and unreasonable assumptions" with the Target Statement. 

Atlas Arteria (ALX AU) has now issued a supplementary Target Statement, which appears rushed, and adds little to valuation discussions. 


Atlas Arteria (ALX AU): IFM Advances Offer Benefits & ALX's Tepid Response

<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a><a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener"></a>'s Offer from parent, <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Ajinomoto Malaysia (AJI MK)'s Offer from parent, Ajinomoto Co (2802 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Australian Strategic Materials (ASM AU), Clearview Wealth (CVW AU), Tourism Holdings (THL NZ), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: Atlas Arteria, ASM Clearview Wealth, Tourism Holdings, Ajinomoto Malaysia

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>IFM has responded to <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.</li>
<li>IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.</li>
<li>By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. </li>
</ul>


IFM has responded to Atlas Arteria (ALX AU) Target’s statement by making a strong case that its offer is reasonable and that unlocking the maximum offer price is feasible.
IFM claims that the IE valuation has several unreasonable assumptions. Based on IFM’s adjustments, the “fair” IE valuation is A$4.58 to A$5.03, suggesting that the offer is fair and reasonable.
By waiving the OTPP put-option condition, IFM has addressed a key completion risk, making it increasingly likely that it will meet the 45% maximum offer acceptance threshold. 


Atlas Arteria (ALX AU): IFM Comes Out Swinging

<ul>
<li>The <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> target’s statement recommends rejecting IFM’s takeover offer. The IE opines that the offer is neither fair nor reasonable.</li>
<li>The IE valuation range is A$5.39 to A$6.20 per share. IFM will have several reasons to take issue with the IE’s valuation, particularly relating to the Chicago Skyway.</li>
<li>Despite the Board’s assertions, it could be commercially prudent for OTPP to waive the put option. It is also possible that IFM waives the maximum offer acceptance threshold.</li>
</ul>


The Atlas Arteria (ALX AU) target’s statement recommends rejecting IFM’s takeover offer. The IE opines that the offer is neither fair nor reasonable.
The IE valuation range is A$5.39 to A$6.20 per share. IFM will have several reasons to take issue with the IE’s valuation, particularly relating to the Chicago Skyway.
Despite the Board’s assertions, it could be commercially prudent for OTPP to waive the put option. It is also possible that IFM waives the maximum offer acceptance threshold.


Atlas Arteria (ALX AU): Target’s Statement Makes Good and Bad Points

<ul>
<li>I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, and <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>.</li>
</ul>


I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Tourism Holdings (THL NZ), Kodensha Co (1948 JP), and Nippon Dry Chemical (1909 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Qoria (QOR AU), Magnetic Resources Nl (MAU AU), China Shengmu Organic Milk (1432 HK), and Guocoland Malaysia (GUOL MK).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, Tourism Hold., Kodensha, Qoria, Shengmu, Guocoland Malaysia

Australia

Atlas Arteria Limted operates as an infrastructure developer and operator. The Company constructs highways, roads, bridges, and tunnels. Atlas Arteria also collects toll. Atlas Arteria serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Atlas Arteria (ALX AU)